{"id":52177,"date":"2025-03-16T02:30:24","date_gmt":"2025-03-16T02:30:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=52177"},"modified":"2025-03-16T02:30:24","modified_gmt":"2025-03-16T02:30:24","slug":"ethereum-cost-basis-data-signals-strong-support-at-1886-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=52177","title":{"rendered":"Ethereum Cost Basis Data Signals Strong Support At $1,886 \u2013 Details"},"content":{"rendered":"

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours. Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its 11.17% loss in the past week.\u00a0\u00a0However, prominent analytics platform Glassnode has discovered an important price level that could offer some short-term support.\n<\/p>\n

Investors Boost Accumulation By 300,000 ETH At This Price Region \u2013 What Could It Mean?<\/strong><\/h2>\n

In an X post<\/a> on March 14, Glassnode provided an intriguing analysis of the ETH market highlighting a potential strong support level. Based on the Cost Basis Distribution (CBD) metric, these analysts believe ETH is likely to hit a major support zone at the $1,886 price level in the case of a further price decline.<\/p>\n

In the crypto market, CBD represents a crucial on-chain metric that tracks the price levels at which tokens were last sold or bought. When a significant number of coins is acquired within a specific price range, that zone often serves as a support or resistance level.<\/p>\n

According to Glassnode, Ethereum\u2019s CBD data shows that investors\u2019 supply at $1,886 has grown from 1.6 million ETH to 1.9 million ETH indicating the acquisition of an additional 300,000 ETH when price last reached this level. This development postulates that a significant portion of investors view $1,886 as a crucial price point and are likely to increase their holdings in this region to prevent any further decline thus creating a viable support zone.<\/p>\n

Glassnode notes that this postulation aligns with insights from its custom capitulation metric design to capture price capitulation events leveraging the use of weighted sell volumes and non-linear economic pain experienced by investors. However, it\u2019s worth noting that the $1,886 price level can only offer short-term support suggesting a likely price capitulation in the presence of overwhelming selling pressure.\n<\/p>\n

Ethereum Price Overview\u00a0<\/strong><\/h2>\n

At the time of writing, Ethereum trades at $1,924 following a 5% gain on the last day as previously stated. Meanwhile, the market\u2019s daily trading volume is down by 29.29% and valued at $12.91 billion. Interestingly, the Relative Strength Index metric suggests Ethereum could soon enter the oversold region and potentially experience a price reversal.<\/p>\n

However, ETH bulls are confronted with multiple resistance zones at $2,249, $2,539, and $2,829 if they are to pull off any significant rebound and halt the current downtrend. On the other hand, any decisive price fall below $1,886 could lead to lower levels Such as $1,650 and $1,132.<\/p>","protected":false},"excerpt":{"rendered":"

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours. Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its 11.17% loss in the past week.\u00a0\u00a0However, prominent analytics platform Glassnode has discovered an important price level that could offer some short-term […]<\/p>\n","protected":false},"author":0,"featured_media":52178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-52177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52177"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52177"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/52178"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}